The so-called commodity currencies such as the AUD, CAD and NZD, are trading near multi-month highs against a weakened Greenback as the US Congress hasn't progressed on talks over raising the debt ceiling, needed before Aug 2 in order to avoid default.
The Loonie reached on Tuesday its strongest level in almost 4 years against the Greenback. USD/CAD bottomed out 0.9405 during the European session, hitting its lowest since Nov 2007, and bounced, although the recovery has been limited by the 0.9450/55 resistance area. USD/CAD has been moving in a 30-pip range for the last hours and currently quotes at 0.9440, where it remains 0.33% below its opening price.
AUD/USD rose over 120 pips on Tuesday and touched a 12-week high at 1.0963 before settling right below that level. The Aussie is trading at the 1.0950 area, on track to set the 6th consecutive daily gain.
The Kiwi established a fresh record high against the big Dollar at 0.8740 before the Wall Street opening and consolidates near that level, around 0.8715. The NZD has gained 5% so far this month.
The Loonie reached on Tuesday its strongest level in almost 4 years against the Greenback. USD/CAD bottomed out 0.9405 during the European session, hitting its lowest since Nov 2007, and bounced, although the recovery has been limited by the 0.9450/55 resistance area. USD/CAD has been moving in a 30-pip range for the last hours and currently quotes at 0.9440, where it remains 0.33% below its opening price.
AUD/USD rose over 120 pips on Tuesday and touched a 12-week high at 1.0963 before settling right below that level. The Aussie is trading at the 1.0950 area, on track to set the 6th consecutive daily gain.
The Kiwi established a fresh record high against the big Dollar at 0.8740 before the Wall Street opening and consolidates near that level, around 0.8715. The NZD has gained 5% so far this month.
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